Step 8 Create journal entries for all other (non-inventory) owner contributions View the Video: o Journal Entries in QuickBooks Online The transcript is in Content/Course Resources/Projects & Rubrics/Project 2 Owner Contributions / Investments To enter all owner contributions, you may create one or multiple JEs. Determine the correct account to debit from the list below and credit: Owner's Investments. Reminder: all of the items below were paid by Casey from his personal bank account. Also remember to put the description of each item in the JES. Table 5: Owner's Contributions/Investments Date 3/1 3/1 3/1 3/5 3/10 Description Account Amount *Rental Deposit (Refundable) Refundable $2,500 deposits *1st month rent - March Rent expense 3,000 (prior to opening) *Electricity Deposit (Refundable) Refundable 900 deposits *Chesapeake Communications Network Deposit Utilities: Phone & 300 (nonrefundable) Internet *Gallery set up supplies - Office Supplies 435 paint for walls, cleaning supplies, lumber for building shelves/racks *Miscellaneous art supplies Art Supplies 750 for classes expense 4 large Art displays Art Displays 1,800 (Fair market value at time of contribution = $450 each) Owner's deposit to open Casey's Crafts 22,500 a business bank account Bank Total: $32,185 3/15 3/25 3/31 Step 8 Create journal entries for all other (non-inventory) owner contributions View the Video: o Journal Entries in QuickBooks Online The transcript is in Content/Course Resources/Projects & Rubrics/Project 2 Owner Contributions / Investments To enter all owner contributions, you may create one or multiple JEs. Determine the correct account to debit from the list below and credit: Owner's Investments. Reminder: all of the items below were paid by Casey from his personal bank account. Also remember to put the description of each item in the JES. Table 5: Owner's Contributions/Investments Date 3/1 3/1 3/1 3/5 3/10 Description Account Amount *Rental Deposit (Refundable) Refundable $2,500 deposits *1st month rent - March Rent expense 3,000 (prior to opening) *Electricity Deposit (Refundable) Refundable 900 deposits *Chesapeake Communications Network Deposit Utilities: Phone & 300 (nonrefundable) Internet *Gallery set up supplies - Office Supplies 435 paint for walls, cleaning supplies, lumber for building shelves/racks *Miscellaneous art supplies Art Supplies 750 for classes expense 4 large Art displays Art Displays 1,800 (Fair market value at time of contribution = $450 each) Owner's deposit to open Casey's Crafts 22,500 a business bank account Bank Total: $32,185 3/15 3/25 3/31
